Update on Multnomah County Loan Limits for 2022: FHA, VA, and Conforming

Published:
January 17, 2017
Last updated:
December 2, 2021
In This Article

What are the current FHA, VA, and conforming loan limits for Multnomah County for 2022? This article will outline these important numbers.

Loan limits for Multnomah County, Oregon were increased for 2022. Federal housing officials have raised the maximum loan caps for FHA, VA and conventional (conforming) home loans within the county. They made this adjustment in response to significant home-price gains that occurred during 2021. You’ll find all of the 2022 limits below.

Multnomah County FHA Loan Limits for 2022

FHA loan limits are established by the Department of Housing and Urban Development (HUD). They are reviewed every year and, when warranted, increased in order to keep pace with rising home values.

Here are the 2022 FHA loan limits for Multnomah County, Oregon:

  • Single-family home: $598,000
  • Two-family home: $765,550
  • Three-family home: $925,350
  • Four-family home: $1,150,000

Note: The single-family FHA loan limit of $598,000 applies to most “regular” home buyers in Multnomah County, who tend to purchase single-family homes. The other categories generally apply to investors purchasing multi-family housing units like duplexes and triplexes.

According to real estate data company Zillow, the median home price for Multnomah County is $501,573, which increased by about 14.4% from the same time last year.

In the Portland area, the FHA loan limit for a single-family homes will apply to all of Clackamas, Columbia, Multnomah, Washington, and Yamhill counties, as outlined in the chart below:

County Name1-Unit2-Unit3-Unit4-Unit
CLACKAMAS$598,000$765,550$925,350$1,150,000
COLUMBIA$598,000$765,550$925,350$1,150,000
MULTNOMAH$598,000$765,550$925,350$1,150,000
WASHINGTON$598,000$765,550$925,350$1,150,000
YAMHILL$598,000$765,550$925,350$1,150,000

Conforming Loan Limits Also Increased

During 2022, conforming loan limits have also increased as a result of home price appreciation in 2021. And they are slightly higher than the FHA caps shown above.

Here are the 2022 conforming loan limits for Multnomah County.

  • One-unit property: $647,200
  • Two-unit property: $828,700
  • Three-unit property: $1,001,650
  • Four-unit property: $1,244,850

The median home price for the county was around $522,143, as of December 2021. Conforming loan limits are quite a bit higher than this median price. This means that home buyers who prefer to shop within these limits should have plenty of properties to choose from in 2022.

Live Oregon Mortgage

Even in the Portland real estate market, the median home price is currently below the single-family loan limits shown above. As of December 2021, the median house value in Portland was around $557,948, according to Zillow.

A quick word about jumbo loans. When a conventional home loan exceeds the conforming limits shown above, it is referred to as a “jumbo” mortgage. This level of financing is still widely available in 2022, though it often requires a larger down-payment investment from the borrower.

Check out our mortgage loan limit tool for conventional, FHA, and VA loans.

VA Loan Limits Eliminated

VA loan limits have been eliminated for eligible veterans. That means there is more flexibility when it comes to the loan amount taken out while still being able to take advantage of a zero down payment option. Previously, borrowers needed a down payment of 25% of the amount over the limit if they took out a jumbo loan.

*However, only those who have more than one active VA home loan or who have previously defaulted on a VA loan may still have loan limits applied to them in terms of whether or not they need to put forth a down payment.

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Interested in a Home Loan in Multnomah County?

Are you looking to apply for a mortgage in Multnomah County? If so, Sammamish Mortgage is available to help. We are a family-run mortgage company that offers everything you need to make your dreams of homeownership happen. We have worked with borrowers in Washington, Oregon, Colorado, and Idaho since 1992 and provide different mortgage programs to borrowers all across the Pacific Northwest region. Contact us today if you have questions about applying for a mortgage.

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